The global standard-setters also cautioned that stablecoins adopted by multiple jurisdictions could potentially transmit volatility in a more abrupt manner than other cryptocurrencies.
Prior to its official launch on Wednesday as a novel layer-2 network built on Ethereum, Base had already accumulated an impressive sum of nearly $166 million on the blockchain.
The chairman urged U.S. lawmakers to allocate an additional $72 million in funding, aimed at safeguarding investors from the crypto markets 'rife with noncompliance,' among other objectives.
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